According to data from the Central Bank of Kenya, the value of mobile money transactions rose to the highest level on record, reaching KSh5.21 trillion in 2020, a 20 percent jump from KSh4.35 trillion in 2019. On average, Kenyans transferred KSh14.28 billion daily through mobile money platforms in 2020.
The waiver on transfer fees for low-value transactions and other measures introduced by the Central Bank in March 2020 largely contributed to the jump in mobile transactions’ value and volume in 2020. Also, mobile payments gained popularity in the period under review. Most businesses in Kenya, from restaurants to fuel stations, and even schools now accept mobile money payments.
December recorded the highest number and value of mobile transactions ever, as people spent large sums of money shopping and on recreational activities. The value of mobile transactions jumped to KSh605.7 billion in December 2020, compared to KSh 382.9 billion in December 2019.
The number of registered mobile money accounts rose to 66 million at the end of 2020 from 58 million at the start of the year. The mobile money accounts surpassed the total population of Kenya of 52.6 million people according to World Bank estimates.
The volume of mobile money payments advanced to 1.86 trillion transactions in 2020 from 1.83 trillion transactions a year ago. April had the lowest volume of mobile money payments at 125 million transactions while December registered the highest volume at 181 million transactions.